PG&E Investor Settlement Gets Initial OK From Judge

Law360 (April 21, 2021, 9:52 PM EDT) -- A California federal judge has granted preliminary approval to a $10 million deal with investors to resolve allegations that Pacific Gas and Electric Co. mismanaged planned power outages in the wake of widespread wildfires, leading the utility's stock price to drop.

In an order Tuesday, U.S. District Judge Haywood S. Gilliam Jr. gave a green light to the settlement agreement that also provides attorneys for the class with $2.5 million, or 25%, in fees and about $100,000 to reimburse their litigation costs.

According to the proposed terms, the three co-lead plaintiffs, Ironworkers Local 580 Joint Funds and Ironworkers Locals 40, 361 &...

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